-0.27 /
-0.26%
105.28
NAV on 2020/02/20
| NAV on 2020/02/19 |
105.5502 |
| 52 week high on 2019/05/03 |
106.5514 |
| 52 week low on 2019/05/28 |
99.924 |
| Total Expense Ratio on 2019/12/31 |
0.51 |
| Total Expense Ratio (performance fee) on 2019/12/31 |
0 |
| Bonds |
10.09 |
5.14% |
| Fixed Interest |
15.86 |
8.09% |
| General Equity |
111.26 |
56.73% |
| Liquid Assets |
-0.48 |
-0.24% |
| Real Estate |
17.80 |
9.08% |
| Spec Equity |
41.58 |
21.20% |
|
U-SLINDXR |
111.26 |
56.73% |
|
U-SMWIF |
21.09 |
10.75% |
|
U-STCAPPR |
17.80 |
9.08% |
|
U-SGLREIF |
10.74 |
5.48% |
|
U-STAITFD |
10.09 |
5.14% |
Management company:
STANLIB Collective Investments (RF) Limited |
Formation date:
2016/03/18 |
ISIN code:
ZAE000216172 |
Short name:
U-HIPASSB |
Risk:
High |
Sector:
South African--Multi Asset--High Equity |
Benchmark:
FTSE/JSE Weighted ALSI 52.5%;FTSE/ JSE Capped Prop Index 10%;MSCI World Index (ZAR) 17.5%;STeFI Call Dep Ind 5%;BEASSA All Bnd Ind 5%;JSE ASSA Infl Linked Gov Issued Bnds Ind 5%;Barclays Global Treasury Bond Index (ZAR) 5% |
STANLIB Index Investments Team
STANLIB High Equity Balanced Passive FoF - Sep 19
2019/10/29 00:00:00
Fund review
The fund’s return was in line with its strategic benchmark over the second quarter of 2019. All allocations contributed as expected towards the overall performance of the fund. The highest contributors to performance were derived from ALBI (1.5%) and STeFi (1.8%).
Market overview
Post a strong run of equity markets across the globe in the first half of 2019, global markets have since slowed down due to increased tension in the trade wars and continued slowdown in global economic data. Europe and USA continued with monetary easing to offset economic slowdown. Returns have hence been flat for the quarter apart from the emerging markets, with the MSCI World at 1.1% and MSCI EM at -2.1% for the quarter. Locally, GDP was 3.1% Q/Q in Q2 2019 reversing the Q1 2019 contraction, SARB cut rates by 25bps in line with census in their July meeting but left it unchanged in September. The national treasury published a white paper on structural reform including SOE reform, marking one of the first signs of structural reforms in the new Presidency. Locally, domestic asset classes such as equities (SWIX ALSI), bonds (ALBI), and cash (STeFi) recorded mixed returns of -2.1%, 1.5% and 1.8% respectively.
Looking ahead
Against the backdrop of slowing global economic growth, a pause in trade war, could provide some relief to the financial markets. But if trade uncertainty continues posing a significant drag on business and consumer confidence, we expect risk aversion will rise as the ability of developed markets and vulnerable emerging economies to weather the impact of trade wars remains uncertain. Additionally, emerging economies with sizeable dollar debts and fiscal deficits may struggle. Locally, uncertainty will remain high until the government provides evidence that SA’s economic policy and reforms are heading in the right direction for future growth. We believe investors should focus on liquid markets segments with risk dialled down compared with market benchmarks.
The commentary gives the views of the portfolio manager at the time of writing. Any forecasts or commentary included in this document are not guaranteed to occur.
The objective of the 1NVEST High Equity Balanced Passive Fund of Funds is to provide investors with a broad exposure to a mix of asset classes within a single fund, with a high equity allocation, at a low cost.
